Traditionally a person in need to find the highest return for his financial asset such as cash or shares or financial equivalent will be faced with a number of difficult choices such as the deposit institution not being insured or with further mergers limited choices amongst said institutions. Deposit institutions also faces many regulatory requirements which may not be suitable to some depositors who wish to maintain a high degree of privacy. In particular when huge amount of deposit are introduced, the deposit institution has to verify the source of said funding deposits. What is required here is a way for depositors to seek a better return within a trusted environment outside of the formal deposit taking institutional circle. The claimed invention provides an electronic network established by an initiator who has the trust of the anonymous members invited by initiator of the trusted network using peer to peer network in order to offer competitive rates. Usually members include social groupings, clan or professional groups of certain standing within the network whereby membership is by invitation.
There is currently no private, peer to peer or trusted networks where members are anonymous to each other conducting deposit auctioning amongst themselves where the borrower is unknown at the outset and said borrower is only determined competitively. Said network is defined as a network which is accessible by invitation only from a commonly known initiator. That is while the members are anonymous to each other, they nevertheless have a common initiator who invited them or from a member within the group. In the preferred embodiment character test such as Intelligent Quotient ‘IQ’ or Emotional Quotient ‘EQ’ tests may be used to as a pre-screener to determine character similarly found in employment art.
Furthermore, there may exist many other private networks and in order to link one network to another network there must be a common member known to each other from one of the initiating network. Once a member is identified then he or she can be an initiator to combine two or more networks together in a competitive deposit auction. Preferably the initiator is provided a fee for such a service. Preferably the host providing this system is also provided a fee for providing the facility system.